Today, entrepreneurship has become the new normal. Several people all around the world are either business owners, business partners, or striving to be one of the two. Embracing entrepreneurship has become a fashionable concept, especially in these difficult times when relying only on salaries for sustainability has proven difficult. In Kenya, the unemployment issue has touched thousands of individuals, with the youth bearing a disproportionate share of the burden. Citizens have been repeatedly urged to be more innovative and focused on job creation rather than relying on employment. But, even as we ride on the ship of entrepreneurship dialogues in our midst, what are the critical aspects to consider before starting a business? Below are some of them.
Entrepreneurship is not something you wake up in the morning and decide to venture on. You must have a research foundation on the type of business you want to establish. It is almost guaranteed that you ought to have a business concept in this situation. What exactly do you want to do? It is necessary for you to understand what type of company concept you desire to pursue. What is it all about, what are the dos and don’ts, and so on. However, some people struggle to determine the type of business they can manage. Try examining yourself and know your talents and capabilities, as well as the things you love and like doing. Such items can occasionally inspire business ideas.
Finances and Capital
There is no way you can establish or run a business without money. To effectively establish one, you must first identify the source of your financial resources and funds that will power your firm. You can get financial assistance from banks or other well-known organizations that will offer you money to help you launch your business. Knowing your source of capital is vital. In a case where for instance you borrowed money, you must have a strategy in place for repaying it.
It is all about market share when you own a business. This implies that when you consider starting a business, you should be aware that there are currently many existing ones and more may emerge in the future. It all comes down to vying for that area. You must thus research about your customers to determine what their needs are, what they desire, and why they should buy a product or service from firm A and not B. You must pay close attention to demographics and determine what would work best for your type of business.
Risks and Benefits
Entrepreneurship is not smooth path to trade on. If you intend to set up a business then you must be ready for unplanned risks and losses as well. They say successful business owners are risk takers. That point where you decide to make drastic measures in a bid to elevate your business but not sure whether the returns will be worth it or not. In business you must be ready to encounter loses and have a strategy on how to overcome them. However, learning how to handle the benefits you get from it is also important. Profits and benefits from your business should be handled with financial.
What level do you want your company to reach? Your company needs tremendous development in order to become a distinct brand in its own. It is not just simply a matter of generating money and repeating the same cycle. When business development is stagnate, it suggests there is no defined goal or objective for your company. In the long term, this may impair performance, derailing any effort to take it to the next level. So make a plan for developing a brand for your company.